An iconic Chapel Hill restaurant announced late Thursday night that it would be closing after 40 years in business.

Spanky's Bar and Restaurant, a staple on East Franklin Street, made the announcement on its Facebook page. The restaurant said it will be "retiring" on March 31.

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"We are eternally grateful to the Town of Chapel Hill, the University of North Carolina, and our countless regulars and customers for their loyal support of Spanky’s throughout the years," the post said.

After Spanky's closes shop, the owners will open a new restaurant at the same location and remain a part of the Chapel Hill Restaurant Group. The post did not go into much detail about the new restaurant or when it would be open.

Patrons say goodbye to Spanky's Bar and Restaurant in Chapel Hill

"Our customers will still see the familiar faces and welcoming atmosphere they have known for many years," the owners wrote. "We intend to uphold the same standards of great food and service that Spanky’s has always been known for and we hope to see you soon. Cheers!"

The man who founded the restaurant, Mickey Ewel with the Chapel Hill Restaurant Group, is retiring. The group said it's also time to retire the restaurant concept.

Patrons Terra and Jason Bellavance, like so many, wanted to eat at Spanky's one last time.

"I celebrated my 21st birthday, my 25th, my 30th, and then we had our rehearsal dinner here," patron Terra Ballavance said.

Greg Overbeck with the Chapel Hill Restaurant Group that owns Spanky's has been with Ewel from the beginning.

"It's not just the customers, but people who have worked here over the years," Overbeck said. "It's tough thinking about that. There's been a lot of great folks here. That's the main thing, the people."

And as the restaurant prepares for its retirement, like its founding owner, patrons said there's only one thing to say, "thanks for the memories."

"We've known Spanky's from the beginning," patron Curtis Clark said. "We've enjoyed being part of the family since we moved back to Chapel Hill in 2009."

"I had to let all my friends know it's closing, so I'm here for me, I'm here for them, one more time," Terra Bellavance said.